This article explores capital gains tax on land sales, calculations, and exemptions under Section 54F, Capital Gains Account Scheme, and tax-saving bonds like REC.
A proposed 1% TDS on homes exceeding Rs. 50 lakh, outlined in Budget 2013, is set to take effect in June, potentially impacting luxury housing sales.
Indian real estate players anticipate the Finance Minister's budget to lower construction finance costs, boost the sector, enable affordable housing, and expedite project clearances.
The Income Tax department raided Surat's real estate developers, seizing Rs.8 lakh in cash and Rs.45 lakh in jewelry, aiming to recover around Rs.100 crore.
India's revised Direct Tax Code (DTC), effective 2011, simplifies income tax laws, impacting real estate. Key changes include taxing actual rental income and retaining home loan interest deductions up to ₹1.5 lakhs.
The revised Direct Tax Code draft released on June 15 aims to simplify income tax laws, affecting short-term and long-term capital gains, rental income, and home loan interest rates.
Direct Taxes Code proposes changes to taxation of house property income, shifting from potential to actual or presumptive rent, calculated as 6% of rateable value or acquisition cost.
ITAT ruling prevents taxation on builder payments for redevelopment in Mumbai, benefiting 35,000+ buildings and offering clarity on taxation in such cases.
The Indian real estate sector is optimistic about the recent budget but calls for further action to meet industry demands, with key benefits noted for housing and infrastructure.